reports
- Hung Le
- Lam Nguyen
APRIL 2025 MONTHLY MARKET MONITOR: AS UNCERTAINTY NOW BECOMES FORESEEA...
By Mar-end, the global market had begun to reflect concerns about slowing US economic growth and persistent inflation amid "uncertain" tariff policies: stock market indices in major markets fell sharply (Figure 2), while foreign capital flows retreated sharply from Asian markets (Figure 15-16). The upward momentum of the Vietnam’s stock market also stalled somewhat as domestic capital flows continued to offset the net selling pressure from foreign investors. We believe April is the moment when "...
- Emeline GORGUET
- Hadrien CAMATTE
- Théophile LEGRAND
- Phuong Nguyen
CURBING THE DECLINE
The market continued its downward momentum but quickly found support in the area around 1,165 points, the low of April 2024, and rebounded. Liquidity continued to increase compared to the previous session, indicating that supply is dominant across the entire market, but bargain-hunting cash flow is also active. The current movement shows that the market has temporarily identified a low price area after the recent sharp decline, which is around the 1,160 point area. The current support signal...
- Damon Shen
- Jieqi Liu
China And Hong Kong Property & Hong Kong Landlords Strategy: Tariffs c...
The tariffs announced by Trump increased uncertainties over the Fed’s rate cuts, weighing on the recovery of the Hong Kong residential market and tourism. The mainland property market will be less affected, backed by China’s relatively independent monetary policy. For 2025, leading SOE developers’ earnings stabilisation will be a key highlight. Maintain sector weights with this pecking order: China property>Hong Kong developers>Hong Kong landlords. Top picks: CR Land and SHKP.
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production PCL (PTTEP TB) - 1Q25 Net Profit Expected...
We expect net profit for 1Q25 to decline both qoq and yoy, mainly due to reduced sales volumes and increased unit costs. Core profit in 1Q25 is likely to be the lowest for the year. For 2Q25, we expect a qoq improvement in core profit, supported by sustained high gas prices and a 4% qoq increase in sales volume. Meanwhile, the Mozambique project remains on schedule, with production expected to commence in 1H29. Maintain BUY with a new target price of Bt155.00.
- Kampon Akaravarinchai
Thailand Food – Global Trade Uncertainties To Impact Sector Outlook.
We reiterate our view on the need to focus on livestock players following strong gross margin improvements and limited exposure to the US. Meanwhile, we foresee an overhang for TU and ITC on high export contribution to the US. The measures are expected to be launched as the US pressures Thailand to reduce its trade deficit. Downgrade the food sector to MARKET WEIGHT. Our top picks are TFG and BTG.
- Damon Shen
- Greater China Research Team
- Jieqi Liu
Greater China Daily: Tuesday, April 8, 2025
KEY HIGHLIGHTS Strategy China And Hong Kong Property & Hong Kong Landlords The tariffs announced by Trump increased uncertainties over the Fed’s rate cuts, weighing on the recovery of the Hong Kong residential market and tourism. The mainland property market will be less affected, backed by China’s relatively independent monetary policy. For 2025, leading SOE developers’ earnings stabilisation will be a key highlight. Maintain sector weights with this pecking order: China property>Hong Kong de...
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, April 08, 2025
KEY HIGHLIGHTS Sector Food Global trade uncertainties to impact sector outlook. Downgrade to MARKET WEIGHT. Update PTT Exploration & Production (PTTEP TB/BUY/Bt106.00/Target: Bt155.00) 1Q25 net profit expected to decline but will be the lowest point of 2025.
Tariffs – Cross Region: Sweeping US trade tariffs will spark broad neg...
US sweeping new tariffs shake global trade landscape, broadly negative for credit
- Leonard Law
- Trung Nguyen
Lucror Analytics - Morning Views Asia
In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Tata Motors, Softbank Group
- Malaysia Research Team
Malaysia Daily - Tuesday, April 8, 2025
KEY HIG HLIGH TS Company Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Page 2 Good earnings visibility over 2025-26 as management focuses on profitability. Look towards a mainboard listing by year-end. Press Metal Aluminium Holdings (PMAH MK/BUY/RM4.39/Target: RM6.00) Page 5 New alumina refinery expansion and lower alumina costs to drive growth in 2025. UOBKH Highlights Gas Malaysia (GMB MK/HOLD/RM3.94/Target: RM4.40) Page 8 Gas supply curtailment by PETGAS given the gas leak in Putra ...
Moody's Ratings assigns definitive ratings to Bluestone Group's second...
Moody's Ratings (Moody's) has assigned the following definitive ratings to the notes issued by Permanent Custodians Limited as trustee of Turquoise I Series 2025-1 Trust. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS AND...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Ben Rickett
- James Ratzer
- Russell Waller
EU TELCOS: What a recessionary scenario might look like
When the news of the Trump tariffs first hit the tapes, we didn’t write anything initially as a) we didn’t think we had much of value to add to the thousands of column inches already written on the topic, and b) the direct impact from the tariffs to the EU telecoms sector is minimal – resulting in relative outperformance for the group over the past few days.
- Adrian Loh Tzum Yung
- Singapore Research Team
Market Strategy - Turbulence To Continue – Stay With Domestic-focused ...
The selloff driven by the US’ unprecedented and perplexing tariff plans has liberated many investors of profits this year. Given the fluidity of market conditions, we highlight a number of domestic-focused stocks such as CENT, CD, DFI, HLA, PANU, PROP, RFMD, SSG and SIE as well as Singapore-focused REITS such as CDLHT, FEHT, FCT, KREIT, LREIT and PREIT. In addition, the MAS’ equity market review should inject much needed liquidity in 2H25. We lower our STI target to 3,720 (previously 4,115).
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
Moody's Ratings assigns Aa3 to CHESLA's (CT) 2025 Series B-1 revenue b...
Moody's Ratings (Moody's) has assigned a Aa3 rating to the $35.7 million Connecticut Higher Education Supplemental Loan Authority's (CHESLA) State Supported Revenue Bonds (CHESLA Loan Program) 2025 Series B-1 - AMT and a Aa3/VMIG 1 to the $30 million CHESLA's State Supported Revenue Bonds (CHESLA Lo...
- Adrian Loh Tzum Yung
Singapore Daily - Tuesday, April 8, 2025
KEY HIGHLIGHTS Strategy Market Strategy: Turbulence to continue – stay with domestic-focused stocks. TRADERS’ CORNER Singapore Exchange (SGX SP): Trading SELL DBS Group Holdings (DBS SP): Trading BUY
FCT FRASERS CENTREPOINT TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
CDREIT CDL HOSPITALITY TRUSTS
KREIT KEPPEL REIT
SIE SIA ENGINEERING CO LTD
PREIT PARKWAYLIFE REAL ESTATE
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
PROP PROPNEX LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
PAN SP PAN-UNITED CORPORATION (PAN SP)
Moody's Ratings upgrades Doylestown Hospital, PA to A3 and places rati...
Moody's Ratings (Moody's) has upgraded Doylestown Hospital, PA's revenue bond ratings to A3 from B2. Concurrently, the rating has been placed under review for further upgrade; previously the outlook was positive. Doylestown has approximately $170 million of debt outstanding. The upgrade to A3 from...
Moody's Ratings takes action on 49 ratings from nine US RMBS deals
Moody's Ratings (Moody's) has upgraded the ratings of 46 bonds and downgraded the ratings of three bonds from nine US residential mortgage-backed transactions (RMBS), backed by Alt-A, Option ARM, Prime Jumbo, and Subprime mortgages issued by multiple issuers. Please click on this link
CWALT 2005-57CB SERIES 2001-NC4
CWALT 2005-65CB CWALT
FFMER 2007-1 INC. MORTGAGE PASS-THROUGH CERTIFICATES
CWALT 2005-7CB SERIES 2005-57CB
FFMER 2007-2 CWALT
MANA 2007-OAR1 INC. MORTGAGE PASS-THROUGH CERTIFICATES
MLMBS 2007-2 SERIES 2005-65CB
MSAC 2007-HE6 MERRILL LYNCH FIRST FRANKLIN MORTGAGE LOAN TRUST
SERIES 2007-1
CWALT
INC. MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-7CB
MERRILL LYNCH FIRST FRANKLIN MORTGAGE LOAN TRUST
SERIES 2007-2
MERRILL LYNCH ALTERNATIVE NOTE ASSET TRUST
SERIES 2007-OAR1
MERRILL LYNCH MORTGAGE BACKED SECURITIES TRUST 2007-2
MORGAN STANLEY ABS CAPITAL I INC. TRUST 2007-HE6
- Johnny Yum
Strategy - Alpha Picks: Outperform In Mar 25
Our portfolio in Mar 25 outperformed relative to the JCI and LQ45 by +3.3%/+2.7% respectively (simple average). In terms of the weighted average free float market cap, the portfolio outperformed the JCI and LQ45 by +10.9%/+10.3% respectively due to a large rebound in BBRI. We remove BBNI, BBRI, ASII, JSMR and KLBF, and add BBCA, ICBP, ERAA and BUKA to our portfolio. Given Trump’s 32% reciprocal tariffs on Indonesia, our portfolio picks lean towards defensive stocks: BBCA, ICBP, ERAA, EXCL, MIKA,...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.